It is once again time for annual open enrollment , an opportunity to review your current healthcare insurance benefits and maybe even select a new plan. Whether you are choosing a plan through your employer , an exchange , or Medicare , it’s critical to understand your options and take the time to choose the benefits plan that is best for you. While it’s tempting to quickly check this item off your to-do list or simply renew your previous benefits plan , this can cost you later on. In fact , a recent survey by Aflac showed that 42 percent of American workers waste up to $750 each year because of mistakes they made with their health insurance benefits. Here are a few important items to consider during annual open enrollment to make sure you pick the right plan for you: - Don’t over- or under-insure. Before choosing a plan , it’s important to assess your current health and financial circumstances. For instance , patients with chronic conditions should consider plans that cover numerous visits to doctors and specialists. For those planning on starting a family , it’s important to look for insurance that will cover prenatal care.
It’s also important to consider if a high-deductible plan is right for you. These plans are growing in popularity and are offered by many employers , but before choosing this option , it’s important to think about how much you will need to use your plan. A deductible is the amount of money you pay out-of-pocket for your healthcare before your health insurance benefits kick in. With a high-deductible health plan , you may be responsible for a larger portion of your medical bills than with traditional plans until you meet your deductible. However , in exchange for higher out-of-pocket costs , you pay a lower monthly insurance premium. If you are young and relatively healthy , this may be a great option for you in order to save money on monthly premiums. But if you think you may need to access providers and services frequently , another plan with more extensive coverage may be better for you.
- Confirm that your doctors are in-network. Don’t automatically assume your doctor is covered in a plan’s network. If you go out-of-network , you will likely be paying much higher out-of-pocket costs to see your preferred doctor. Before you select your new plan , contact the insurance company to find an in-network doctor or call your Personal , who can help you locate a physician and/or confirm if they are in-network.
- Review all the available options. Keep in mind that your current health plan may no longer be the best plan for you , so it’s important to check if this plan still meets your needs. Your coverage may have changed , or perhaps your circumstances are now different. Maybe your co-pay is higher or your prescriptions are no longer covered. Take the time to look into other policies that may better fit your health needs.
- Take into account any life changes. It’s important to fully understand your benefits , especially if you are expecting big changes in the coming year like getting married or starting a family. Don’t assume that your current plan will automatically provide coverage. Review your options carefully and ask yourself these questions when selecting benefits this open enrollment period.
- Know the differences between a Health Savings Account (HSA) and a Flexible Spending Account (FSA). Depending on your company’s benefit offerings , both HSAs and FSAs may be available to help you set aside money for qualified health expenses , and it’s important to understand the differences between the two so that you can choose the one that best meets your needs. For example , both options allow you to put money aside into a fund for medical expenses. But funds in an HSA can be held on until retirement if you choose and won’t disappear at the end of the year , while the funds in an FSA will be lost before the end of the plan coverage period if it is not used.
Bonus Tip: Make sure to look at any opportunities your employer may offer to further lower your premium. For example , some organizations offer discounts if you participate in a wellness program or begin a smoking cessation workshop. Talk to your HR department or benefits administrator to learn more. Annual open enrollment is an opportunity to choose a health benefits plan that best fits your needs and those of your family , setting you up for a healthy and happy year ahead. Be sure to do your research and choose wisely! For Members If you are a member and you have questions about your benefits , call us today! A Personal can address your questions or concerns and help you better understand the details of your health plan.
